How to use cross industry expertise to your benefit

(Photo: Reuters)

“Cross-industry” refers to interactions, collaboration or applications that occur between different industries or sectors of the economy. It involves the exchange of ideas, technologies, processes or practices from one industry to another, often in an effort to create new business openings, solve problems or innovate in a way that benefits multiple sectors. It can lead to the development of new products, services and business models that may not have been possible in the confines of a single industry.

Joel Dandrea, chief executive officer of the SC&RA. (Photo: SC&RA)

An example is where the healthcare industry might collaborate with a tech-industry company to develop wearable health-monitoring devices for the construction and transportation industries. This collaboration combines medical expertise with technology advancements to create a new product that can allow individuals in specific vocations to track their health.

Cross-industry interactions are becoming increasingly important in a globalised and interconnected world, as they can lead to breakthroughs, efficiencies and solutions that have a broader impact on society and the economy.

That said, cross-industry intelligence in the B2B space can also feel counter-intuitive. It involves uncovering innovative strategies in marketing by reaching outside your business or industry box. But remember: there’s a whole world out there beyond your backyard, and there’s no law saying you have to be boxed in by industry-standard strategies and practices.

Learning from other business models exposes business leaders to new concepts – where you can apply and adapt innovations from dissimilar industries to your business model. Having a look over the fence can be enlightening, even if you’re more comfortable sticking with the devil you know. But truthfully, it’s sometimes the devil you don’t know that might just have a better way of doing things.

Expand what’s possible

Drilling down, in practice, cross-industry intelligence can be valuable for several reasons:

• Innovation: Insight from other industries can spark innovation in your own industry.
• Risk mitigation: Understanding trends and challenges in other industries can help businesses anticipate potential risks and disruption. This proactive approach can lead to a better risk-management strategy.
• Market expansion: Learning from the experiences of other industries can provide valuable insight into new markets or customer segments that may not have been considered previously.
• Efficiency improvement: Best practice and technology from other industries can be adopted to improve efficiency and productivity in your own industry.
• Competitive advantage: Leveraging cross-industry intelligence can provide a competitive advantage by staying ahead of industry trends and adopting strategies that competitors may not have considered.
• Problem solving: Sometimes, complex problems in one industry can find solutions by drawing from the knowledge and experiences of others.

To that end, a manufacturing company might gather intelligence from the automotive industry to learn about supply chain management best practice, or from the aerospace industry to improve quality-control processes. Similarly, a wire rope distributor might look to the tech industry for insight into data analytics and customer engagement strategies.

Essentially, cross-industry intelligence is about leveraging the collective wisdom and experience of various sectors to make more informed decisions, drive innovation and achieve competitive advantages in one’s own industry.

At the end of the day, any new marketing strategy will start with a competitive analysis. It’s important, however, to not overlook outside industries when devising a next-level marketing plan. Doing so will likely expand your view of what’s possible, and eventually separate you from the competition, welcome new audiences and provide valuable networking opportunities.